Good work. That is how it should be measured.
In economics as far as I know, they measure productivity via salaries. The more money people make, the more productive they are assumed to be!
In economics as far as I know, they measure productivity via salaries. The more money people make, the more productive they are assumed to be!
'DP=(GDP/Hours)*(Hours), (1)
where Hours is the total number of worker-hours.
Chart 1 depicts changes in each of these components over time. For the entire 1961-to-2012 period, labour productivity advanced at a 1.9% annual average, accounting for slightly more than half of the increase in GDP growth. The rest is attributed to hours, which increased at 1.5% per year on average.
Aggregate GDP measures the returns to both labour and capital. Distributional concerns lead to questions about whether the share going to labour increases over time and, in particular, how productivity growth is related to real income.'
https://www150.statcan.gc.ca/n1/pub/15-206-x/15-206-x2014038...